TFM Morning Update 04-03-2024

CORN

Corn futures are a few cents higher this morning after sharply lower closes both Monday and Tuesday have May futures right back near the same price level traded prior to last Thursday’s friendly USDA report.
The latest weather model runs are showing a wetter than normal pattern into mid-April across large portions of Brazil, these rains will be highly beneficial to second crop corn acres in central Brazil.
The USDA’s Brazil attache reduced Brazil’s total 23/24 corn crop to 122 mmt from 130 mmt projected back in November this week, this compares to the USDA’s March WASDE estimate at 124 mmt.
Warmer and wetter than normal conditions are expected for most of the southern Corn Belt into mid-April, while the moisture may stymie early planting progress it will be welcomed by many to enhance subsoil moisture levels ahead of the growing season.

Like corn, soybean futures are a couple cents higher this morning after experiencing lower prices both Monday and Tuesday.
May Palm Oil futures made a new recent high Wednesday morning, the recent rally in world veg oils, soybean oil included, has been a helpful force in rallying soybean futures off of their late February lows.
May Chinese soybean futures were higher to start the week posting their highest close since January 17th.
Soybean harvest is nearing the finish line in Brazil but has yet to get underway in Argentina according to progress reports late last week. In their latest rating, the Buenos Aries Grain Exchange pegged Argentina’s soybean crop at 79% fair to excellent.

Like corn, soybean futures are a couple cents higher this morning after experiencing lower prices both Monday and Tuesday.
May Palm Oil futures made a new recent high Wednesday morning, the recent rally in world veg oils, soybean oil included, has been a helpful force in rallying soybean futures off of their late February lows.
May Chinese soybean futures were higher to start the week posting their highest close since January 17th.
Soybean harvest is nearing the finish line in Brazil but has yet to get underway in Argentina according to progress reports late last week. In their latest rating, the Buenos Aries Grain Exchange pegged Argentina’s soybean crop at 79% fair to excellent.

Keegan Madigan